CU Cooperative Systems, Inc. was a company providing services to credit unions in the United States. It is now a part of Velera, although the combined organization continues to use the ''Co-op Solutions'' brand. Other names it has used includes CO-OP Financial Services and Co-op Network. It operated an

interbank network An interbank network, also known as an ATM consortium or ATM network, is a computer network that enables ATM cards issued by a financial institution that is a member of the network to be used to perform ATM transactions through ATMs that belo ...

connecting the

ATMs An automated teller machine (ATM) is an electronic telecommunications device that enables customers of financial institutions to perform financial transactions, such as cash withdrawals, deposits, funds transfers, balance inquiries or account ...

credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...

s in the United States, with locations also in Canada and certain

United States Navy The United States Navy (USN) is the naval warfare, maritime military branch, service branch of the United States Department of Defense. It is the world's most powerful navy with the largest Displacement (ship), displacement, at 4.5 millio ...

bases overseas. It is was headquartered in

Rancho Cucamonga, California Rancho Cucamonga ( ) is a city located just south of the foothills of the San Gabriel Mountains and Angeles National Forest in San Bernardino County, California, United States. About east of Downtown Los Angeles, Rancho Cucamonga is the List ...

History

The CO-OP Network began in 1981 when 20 credit unions in

California California () is a U.S. state, state in the Western United States that lies on the West Coast of the United States, Pacific Coast. It borders Oregon to the north, Nevada and Arizona to the east, and shares Mexico–United States border, an ...

united their 32 ATMs. In 1986 the first CO-OP ATMs are deployed at 7-Eleven stores. In 2002, the network added its first Canadian member, CS CO-OP. In 2003, the network added 262 ATMs of the

Navy Federal Credit Union Navy Federal Credit Union (or Navy Federal) is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural ...

which are located on U.S. Naval bases through the United States plus Africa,

Bahrain Bahrain, officially the Kingdom of Bahrain, is an island country in West Asia. Situated on the Persian Gulf, it comprises a small archipelago of 50 natural islands and an additional 33 artificial islands, centered on Bahrain Island, which mak ...

, Cuba,

Diego Garcia Diego Garcia is the largest island of the Chagos Archipelago. It has been used as a joint UK–U.S. military base since the 1970s, following the expulsion of the Chagossians by the UK government. The Chagos Islands are set to become a former B ...

, Greece,

Guam Guam ( ; ) is an island that is an Territories of the United States, organized, unincorporated territory of the United States in the Micronesia subregion of the western Pacific Ocean. Guam's capital is Hagåtña, Guam, Hagåtña, and the most ...

, Italy, Japan, Korea, Singapore and Spain. ATM access at these bases are restricted to individuals with the proper base security access. In 2007, CO-OP members gained access to ATMs at 321

Costco Wholesale Costco Wholesale Corporation is an American multinational corporation which operates a chain of membership-only big-box warehouse club retail stores. As of 2021, Costco is the third-largest retailer in the world, and as of August 2024, Costc ...

warehouses around the country. In 2015, CO-OP acquired majority interest in Canadian payments solutions provider Everlink Payment Services Inc. CO-OP acquired payment processor TMG in 2017, of which it held minority ownership since 2012. In 2019 Co-op Solutions processed 7.6 billion financial transactions. In January 2024, Co-op Solutions merged with

PSCU Velera, formerly ''Payment Systems for Credit Unions'' or ''PSCU'', is the largest credit union service organization in the United States. The organization was founded in 1977 and is based in St. Petersburg, Florida. History In 1977, five Flor ...

. The merged company will be known as Velera, however it will continue to use ''Co-op Solutions'' as one of its brands.

Shared branching

Co-op Solutions also provides what the company calls

shared branching Credit Union Service Centers (commonly known as shared branching) is an organization of credit unions that allows members of participating credit unions to process transactions at any participating branch. Members are generally free to conduct no ...

. Members of 1,800 credit unions can perform most teller transactions at any one of the network's 5,700 branches. This system was founded in 1975 by five Detroit-area credit unions to minimize costs associated with having their own branches.

References

External links

* Interbank networks Cooperatives based in California Financial services companies of the United States Companies based in San Bernardino County, California {{US-finance-company-stub